What's the deal with ConEd's "Level Payment Plan"?
September 10, 2011 1:02 PM Subscribe
Are utility company "level payment plans" worth it, or are they a scam?
Our electricity bill this past month came in pretty high—not too much of a surprise, since we've been running two air conditioners for most of the month. The bill is $178, which we can pay. However, the bill (from ConEd; we're in NYC) says that if we pay "the exact LEVEL PAYMENT AMOUNT of $66.00 this month instead of [the] TOTAL AMOUNT NOW DUE" they will automatically enroll us in the "level payment plan" in which payments are evened out over the year. Every four months they'll review our usage and adjust the rate.
Is this a good idea? Would our payments end up being roughly the same as they would otherwise, or will we end up cumulatively paying more than we would normally?
This month, I'm going to go ahead and pay the full amount, but I'd like to know more about this kind of plan (especially from those who've used it) before next month's bill rolls around.